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can any help with wrong answer. Kendra, Cogley, and Mel share income and loss in a 3:2:1 ratio (In ratio form: Kendra, 3/6; Cogley, 2/6;
can any help with wrong answer.
Kendra, Cogley, and Mel share income and loss in a 3:2:1 ratio (In ratio form: Kendra, 3/6; Cogley, 2/6; and Mel, 1/6). The partners have decided to liquidate their partnership. On the day of llquidation, their balance sheet appears as follows. Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entrles to record the below transactions. (Do not round intermedlate calculations. Enter losses and partner deficlts, If any, as negative amounts.) 1. Inventory is sold for $603,000. 2. Inventory is sold for $421,800. 3. Inventory is sold for $353,400 and partners wth deficits pay thelr deficits in cash. 4. Inventory is sold for $268,200 and partners with deficits do not pay thelr deficlts. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Complete the schedule allocating the gain or loss on the sale of inventory $268,200 and partners with deficits do not pay their deficits. Kendra, Cogley, and Mel share income and loss in a 3:2:1 ratio (In ratio form: Kendra, 3/6; Cogley, 2/6; and Mel, 1/6). The partners have decided to liquidate their parthership. On the day of liquidation, their balance sheet appears as follows. Required: For each of the following scenarlos, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare Journal entrles to record the below transactions. (Do not round intermedlate calculations. Enter losses and partner deficlts, if any, as negative amounts.) 1. Inventory is sold for $603,000. 2 Inventory is sold for $421,800. 3. Inventory is sold for $353,400 and partners with deficits pay thelr deficits in cash. 4. Inventory is sold for $268,200 and partners with deficits do not pay thelr deficits. ) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the inventory is sold for $268,200 and partners with deficits do not pay their deficitsStep by Step Solution
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